Real GDP: Percent change from preceding quarter

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, OCTOBER 30, 2019

BEA 19-55

Technical: Lisa Mataloni Media: Jeannine Aversa

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Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the third quarter of 2019 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2). The "second" estimate for the third quarter, based on more complete data, will be released on November 27, 2019.

Real GDP: Percent change from preceding quarter

5

4

3

2

1

0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015

2016

2017

2018

2019

U.S. Bureau of Economic Analysis

Seasonally adjusted at annual rates

The increase in real GDP in the third quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, residential fixed investment, state and local government spending, and exports that were partly offset by negative contributions from nonresidential fixed investment and private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2).

The deceleration in real GDP in the third quarter reflected decelerations in PCE, federal government spending, and state and local government spending, and a larger decrease in nonresidential fixed investment. These movements were partly offset by a smaller decrease in private inventory investment, and upturns in exports and in residential fixed investment.

Current-dollar GDP increased 3.5 percent, or $185.6 billion, in the third quarter to a level of $21.53 trillion. In the second quarter, GDP increased 4.7 percent, or $241.4 billion (tables 1 and 3).

The price index for gross domestic purchases increased 1.4 percent in the third quarter, compared with an increase of 2.2 percent in the second quarter (table 4). The PCE price index increased 1.5 percent, compared with an increase of 2.4 percent. Excluding food and energy prices, the PCE price index increased 2.2 percent, compared with an increase of 1.9 percent.

Personal Income

Current-dollar personal income increased $172.8 billion in the third quarter, compared with an increase of $244.2 billion in the second quarter. The deceleration reflected a downturn in personal income receipts on assets and decelerations in compensation and in personal current transfer receipts that were partly offset by an acceleration in proprietors' income (table 8).

Disposable personal income increased $181.7 billion, or 4.5 percent, in the third quarter, compared with an increase of $192.6 billion, or 4.8 percent, in the second quarter. Real disposable personal income increased 2.9 percent, compared with an increase of 2.4 percent.

Personal saving was $1.34 trillion in the third quarter, compared with $1.32 trillion in the second quarter. The personal saving rate -- personal saving as a percentage of disposable personal income -was 8.1 percent in the third quarter, compared with 8.0 percent in the second quarter.

Source Data for the Advance Estimate

Information on the source data and key assumptions used for unavailable source data in the advance estimate is provided in a Technical Note that is posted with the news release on BEA's Web site. A detailed "Key Source Data and Assumptions" file is also posted for each release. For information on updates to GDP, see the "Additional Information" section that follows.

* * * Next release, November 27, 2019 at 8:30 A.M. EST Gross Domestic Product, Third Quarter 2019 (Second Estimate) Corporate Profits, Third Quarter 2019 (Preliminary Estimate)

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Release Dates in 2020

Estimate

2019 Q4 and 2019 annual

2020 Q1

2020 Q2

2020 Q3

Gross Domestic Product Advance Estimate Second Estimate Third Estimate

January 30, 2020 February 27, 2020

March 26, 2020

April 29, 2020 May 28, 2020 June 25, 2020

July 30, 2020 August 27, 2020 September 30, 2020

October 29, 2020 November 25, 2020 December 22, 2020

Corporate Profits Preliminary Estimate Revised Estimate

--March 26, 2020

May 28, 2020 August 27, 2020 November 25, 2020 June 25, 2020 September 30, 2020 December 22, 2020

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Additional Information

Resources

Additional resources available at :

? Stay informed about BEA developments by reading the BEA blog, signing up for BEA's email subscription service, or following BEA on Twitter @BEA_News.

? Historical time series for these estimates can be accessed in BEA's interactive data application.

? Access BEA data by registering for BEA's data application programming interface (API).

? For more on BEA's statistics, see our monthly online journal, the Survey of Current Business.

? BEA's news release schedule ? NIPA Handbook: Concepts and Methods of the

U.S. National Income and Product Accounts

Definitions

Gross domestic product (GDP) is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.

Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data.

Current-dollar estimates are valued in the prices of the period when the transactions occurred--that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates."

Real values are inflation-adjusted estimates--that is, estimates that exclude the effects of price changes.

The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents.

The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons."

Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers

in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.

Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes.

Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments.

Personal saving is personal income less personal outlays and personal current taxes.

The personal saving rate is personal saving as a percentage of disposable personal income.

Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj) in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-ofthe-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW.

For more definitions, see the Glossary: National Income and Product Accounts.

Statistical conventions

Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA's featured, seasonally adjusted measures to facilitate comparisons with related and historical data. For details, see the FAQ "Why does BEA publish estimates at annual rates?" Quarterly not seasonally adjusted values are expressed only at quarterly rates.

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Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, see the FAQ "How is average annual growth calculated?" Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. All published percent changes are calculated from unrounded data.

Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis.

Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook.

Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate.

Updates to GDP

BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are released near

the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; "second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available.

The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign.

Vintage

Average Revision Without Regard to Sign (percentage points, annual rates)

Advance to second

0.5

Advance to third

0.6

Second to third

0.3

Note - Based on estimates from 1993 through 2018. For

more information on GDP updates, see Revision

Information on the BEA Web site.

Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 5 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements.

Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic profits and on net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate.

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List of GDP News Release Tables

Table 1.

Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period

Table 2.

Contributions to Percent Change in Real Gross Domestic Product

Table 3.

Gross Domestic Product: Level and Change From Preceding Period

Table 4.

Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period

Table 5.

Real Gross Domestic Product: Annual Percent Change

Table 6.

Real Gross Domestic Product: Percent Change from Quarter One Year Ago

Table 7.

Relation of Gross Domestic Product, Gross National Product, and National Income

Table 8.

Personal Income and Its Disposition

Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change From Preceding Period and

Contributions to Percent Change

Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change From Quarter One Year

Ago

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October 30, 2019

Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period

Seasonally adjusted at annual rates

Line

2016 2017 2018 2015

2016

2017

2018

2019

Line

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

1

Gross domestic product (GDP)

1.6 2.4 2.9 0.1 2.0 1.9 2.2 2.0 2.3 2.2 3.2 3.5 2.5 3.5 2.9 1.1 3.1 2.0 1.9 1

2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Nondurable goods 6 Services 7 Gross private domestic investment 8 Fixed investment 9 Nonresidential 10 Structures 11 Equipment 12 Intellectual property products 13 Residential 14 Change in private inventories 15 Net exports of goods and services 16 Exports 17 Goods

2.7 2.6 3.0 1.8 3.2 2.9 2.6 2.5 2.4 2.4 2.4 4.6 1.7 4.0 3.5 1.4 1.1 4.6 2.9 2 3.6 3.9 4.1 1.5 4.2 4.5 4.0 1.9 3.2 5.5 4.1 7.5 1.3 5.4 3.6 1.6 1.5 8.6 5.5 3 6.1 6.9 6.3 2.3 5.8 7.0 10.8 5.8 3.4 7.7 7.8 12.2 2.3 8.0 3.6 1.3 0.3 13.0 7.6 4 2.4 2.5 3.0 1.1 3.4 3.2 0.6 0.0 3.1 4.3 2.2 5.1 0.7 4.1 3.6 1.7 2.2 6.5 4.4 5 2.3 2.0 2.5 2.0 2.7 2.2 1.9 2.8 2.0 1.0 1.6 3.4 1.9 3.4 3.4 1.4 1.0 2.8 1.7 6 -1.3 4.4 5.1 -6.0 -1.6 -1.7 0.5 9.3 3.4 3.6 7.4 4.7 6.2 -1.8 13.7 3.0 6.2 -6.3 -1.5 7 1.9 4.2 4.6 -2.2 2.6 2.7 3.8 2.0 7.7 2.8 1.4 8.7 5.5 5.2 0.7 2.7 3.2 -1.4 -1.3 8 0.7 4.4 6.4 -4.4 -0.6 4.0 5.6 0.7 6.6 4.4 2.4 8.4 8.8 7.9 2.1 4.8 4.4 -1.0 -3.0 9 -5.0 4.7 4.1 -20.5 -11.4 10.0 18.4 2.4 7.3 2.0 -7.7 5.2 12.1 11.0 -2.1 -9.0 4.0 -11.1 -15.3 10 -1.3 4.7 6.8 -4.8 -3.9 -2.3 0.3 0.4 6.3 8.9 6.2 12.9 6.6 3.4 2.9 7.4 -0.1 0.8 -3.8 11 7.9 3.7 7.4 9.8 12.9 9.3 4.7 0.0 6.3 0.3 4.9 4.7 9.7 11.9 4.1 11.7 10.8 3.6 6.6 12 6.5 3.5 -1.5 6.6 14.7 -2.0 -2.6 6.4 11.9 -2.2 -2.0 9.9 -5.3 -3.7 -4.0 -4.7 -1.0 -3.0 5.1 13 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 0.0 3.5 3.0 -1.6 -3.0 4.0 6.1 -2.5 6.1 1.6 4.4 10.1 0.8 5.8 -6.2 1.5 4.1 -5.7 0.7 16 0.6 3.9 4.3 -4.1 0.9 2.7 7.2 -0.8 5.9 2.2 2.2 13.6 1.2 12.0 -9.1 2.6 4.6 -5.9 1.6 17

18 Services 19 Imports 20 Goods 21 Services 22 Government consumption

expenditures and gross investment 23 Federal

-1.1 2.7 0.7 3.4 -10.0 6.2 4.1 -5.7 6.3 0.4 8.8 3.8 -0.1 -5.3 -0.1 -0.7 3.3 -5.1 -0.8 18 2.0 4.7 4.4 0.0 0.9 0.8 4.7 7.5 4.1 3.5 1.3 14.0 0.6 0.3 8.6 3.5 -1.5 0.0 1.2 19 1.5 4.8 5.0 -0.8 -0.1 1.1 3.7 8.1 4.1 3.4 0.9 16.4 1.4 0.8 9.2 2.3 -2.8 0.1 0.4 20 4.4 4.4 1.6 3.5 5.4 -0.4 9.1 5.2 3.8 4.0 2.8 4.5 -2.8 -2.0 6.1 8.9 4.5 -0.7 4.4 21

1.8 0.7 1.7 1.1 3.8 -0.7 1.7 1.1 -0.2 1.4 -0.1 2.4 1.9 2.6 2.1 -0.4 2.9 4.8 2.0 22 0.4 0.8 2.9 2.5 0.7 -2.7 2.0 0.6 -1.2 3.3 0.1 4.6 2.8 3.9 2.9 1.1 2.2 8.3 3.4 23

24 National defense 25 Nondefense 26 State and local

Addenda: 27 Gross domestic income (GDI) 1 28 Average of GDP and GDI 29 Final sales of domestic product

-0.6 0.7 3.3 2.8 -0.4 -5.2 3.4 -1.0 -1.9 6.8 -1.6 4.5 0.6 7.5 3.0 5.2 7.7 3.3 2.2 24 2.0 0.8 2.4 2.1 2.2 1.0 -0.1 2.8 -0.2 -1.6 2.6 4.8 6.0 -1.0 2.8 -4.5 -5.4 16.1 5.2 25 2.6 0.6 1.0 0.2 5.8 0.5 1.6 1.4 0.3 0.3 -0.2 1.1 1.4 1.8 1.6 -1.2 3.3 2.7 1.1 26

0.8 2.1 2.5 0.7 2.1 -1.7 2.0 1.4 3.8 2.6 0.8 2.7 4.7 0.7 3.3 0.8 3.2 1.8 ......... 27 1.2 2.2 2.7 0.4 2.1 0.1 2.1 1.7 3.1 2.4 2.0 3.1 3.6 2.1 3.1 0.9 3.2 1.9 ......... 28 2.2 2.3 2.8 0.8 2.8 2.7 2.7 0.8 3.0 2.0 2.2 4.2 2.4 4.8 0.8 1.0 2.6 3.0 2.0 29

30 Gross domestic purchases 31 Final sales to domestic purchasers 32 Final sales to private domestic

purchasers 33 Gross national product (GNP) 34 Disposable personal income

Current-dollar measures:

1.9 2.6 3.1 0.3 2.5 1.5 2.1 3.3 2.1 2.4 2.8 4.3 2.5 2.8 4.9 1.4 2.3 2.6 1.9 30 2.4 2.5 3.0 1.0 3.2 2.2 2.6 2.2 2.8 2.3 1.8 4.9 2.3 4.0 2.8 1.3 1.8 3.6 2.0 31

2.6 2.9 3.3 1.0 3.0 2.9 2.8 2.4 3.4 2.5 2.2 5.5 2.4 4.2 2.9 1.7 1.6 3.3 2.0 32 1.6 2.5 3.0 0.5 1.3 2.1 1.9 3.0 1.9 1.8 4.0 3.7 2.8 3.1 3.0 0.7 3.1 2.8 ......... 33 1.8 2.9 4.0 1.3 2.7 -0.4 1.8 2.4 4.9 2.7 2.3 3.7 6.9 2.7 3.3 2.8 4.5 2.4 2.9 34

35 GDP 36 GDI

2.7 4.3 5.4 0.1 1.6 4.7 3.7 4.0 4.2 3.5 5.4 6.4 5.0 7.1 4.8 2.9 3.9 4.7 3.5 35 1.9 4.0 5.0 0.7 1.7 1.0 3.5 3.3 5.8 4.0 2.9 5.6 7.1 4.2 5.1 2.6 4.1 4.5 ......... 36

37 Average of GDP and GDI 38 Final sales of domestic product 39 Gross domestic purchases 40 Final sales to domestic purchasers 41 Final sales to private domestic

purchasers 42 GNP

2.3 4.2 5.2 0.4 1.6 2.8 3.6 3.7 5.0 3.8 4.1 6.0 6.1 5.6 4.9 2.7 4.0 4.6 ......... 37 3.3 4.3 5.3 0.9 2.6 5.3 4.2 3.0 4.9 3.4 4.6 7.0 4.8 8.2 2.8 2.6 3.7 5.4 3.7 38 2.6 4.5 5.6 -0.3 1.7 4.0 3.7 5.1 4.4 3.7 4.5 7.2 5.5 5.6 6.7 3.0 2.8 5.1 3.3 39 3.2 4.5 5.5 0.5 2.7 4.6 4.2 4.1 5.1 3.6 3.7 7.7 5.3 6.7 4.7 2.8 2.6 5.8 3.4 40

3.4 4.7 5.5 0.5 2.9 5.1 4.4 4.3 5.5 3.7 4.0 8.0 5.2 6.7 4.6 2.9 2.2 5.7 3.5 41 2.6 4.4 5.5 0.5 0.9 4.9 3.4 5.0 3.8 3.1 6.2 6.6 5.2 6.6 4.8 2.5 4.0 5.4 ......... 42

43 Disposable personal income

2.8 4.7 6.1 0.9 2.9 2.0 3.5 4.3 7.1 3.6 4.1 6.5 9.6 4.9 4.9 4.2 4.9 4.8 4.5 43

1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis

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October 30, 2019

Table 2. Contributions to Percent Change in Real Gross Domestic Product

Seasonally adjusted at annual rates

Line

2016 2017 2018 2015

2016

2017

2018

2019

Line

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Percent change at annual rate:

1 Gross domestic product

1.6 2.4 2.9 0.1 2.0 1.9 2.2 2.0 2.3 2.2 3.2 3.5 2.5 3.5 2.9 1.1 3.1 2.0 1.9 1

Percentage points at annual rates:

2 Personal consumption expenditures 1.85 1.78 2.05 1.20 2.11 1.95 1.74 1.70 1.63 1.63 1.61 3.12 1.15 2.70 2.34 0.97 0.78 3.03 1.93 2

3 Goods

0.77 0.83 0.86 0.31 0.88 0.94 0.84 0.41 0.68 1.14 0.85 1.55 0.27 1.13 0.75 0.33 0.32 1.74 1.14 3

4 Durable goods

0.43 0.49 0.44 0.16 0.41 0.49 0.75 0.41 0.24 0.54 0.55 0.84 0.16 0.56 0.25 0.09 0.02 0.87 0.53 4

5

Motor vehicles and parts

0.08 0.13 0.11 -0.18 0.04 0.14 0.34 0.18 -0.12 0.11 0.23 0.39 -0.15 0.18 0.01 0.07 -0.27 0.37 0.02 5

6

Furnishings and durable

household equipment

0.12 0.13 0.10 0.12 0.13 0.11 0.14 0.06 0.15 0.13 0.15 0.19 0.07 0.08 0.09 -0.09 0.03 0.14 0.10 6

7

Recreational goods and vehicles 0.21 0.19 0.16 0.17 0.26 0.26 0.22 0.15 0.21 0.25 0.05 0.22 0.17 0.17 0.12 0.04 0.23 0.32 0.32 7

8

Other durable goods

0.02 0.03 0.08 0.05 -0.03 -0.02 0.05 0.01 0.00 0.04 0.12 0.04 0.08 0.13 0.03 0.07 0.03 0.04 0.09 8

9 Nondurable goods

0.34 0.35 0.42 0.15 0.47 0.45 0.09 0.00 0.44 0.60 0.31 0.71 0.11 0.57 0.50 0.24 0.30 0.87 0.61 9

10

Food and beverages purchased

for off-premises consumption

0.15 0.16 0.16 0.02 0.21 0.30 0.12 0.17 0.15 0.09 0.19 0.31 0.12 0.09 0.13 0.07 -0.08 0.25 0.32 10

11

Clothing and footwear

0.04 0.02 0.07 -0.01 0.09 0.02 0.05 -0.09 0.00 0.12 0.00 0.12 -0.03 0.18 0.15 0.00 -0.07 0.25 -0.01 11

12

Gasoline and other energy goods 0.01 -0.01 0.00 -0.03 0.08 -0.05 -0.03 -0.05 -0.04 0.10 -0.04 -0.01 -0.04 0.05 -0.04 0.03 0.01 0.02 -0.04 12

13

Other nondurable goods

0.14 0.18 0.19 0.17 0.09 0.18 -0.05 -0.02 0.33 0.29 0.15 0.29 0.06 0.24 0.27 0.14 0.44 0.35 0.34 13

14 Services

1.08 0.94 1.18 0.89 1.23 1.01 0.90 1.29 0.95 0.49 0.76 1.57 0.88 1.57 1.59 0.65 0.46 1.29 0.79 14

15 Household consumption

expenditures (for services)

1.00 0.94 1.08 0.69 1.29 1.07 0.57 1.30 0.94 0.61 0.81 1.55 0.78 1.33 1.46 0.24 1.00 1.26 0.76 15

16

Housing and utilities

0.19 0.10 0.17 0.02 0.20 0.35 0.27 -0.12 -0.13 0.37 0.04 0.33 0.05 0.29 0.07 0.12 0.01 0.14 0.19 16

17

Health care

0.43 0.27 0.34 0.07 0.66 0.84 -0.40 0.80 0.09 -0.03 0.56 0.43 0.20 0.39 0.60 -0.22 0.72 0.38 0.20 17

18

Transportation services

0.09 0.08 0.07 0.10 0.12 0.02 0.15 0.11 -0.04 0.12 0.13 0.18 0.13 -0.10 -0.02 -0.02 0.01 0.17 0.10 18

19

Recreation services

0.08 0.03 0.06 0.31 0.05 -0.08 0.12 0.13 0.07 -0.05 -0.05 -0.06 0.16 0.17 0.02 0.09 -0.03 0.17 -0.01 19

20

Food services and

accommodations

0.10 0.12 0.19 0.17 0.09 0.04 0.06 0.07 0.33 -0.06 0.11 0.19 0.26 0.23 0.35 -0.12 -0.06 0.22 0.13 20

21

Financial services and insurance -0.12 0.10 0.06 -0.02 -0.30 -0.21 0.10 -0.03 0.33 -0.01 0.11 0.14 0.05 -0.04 0.05 0.10 0.15 0.05 0.03 21

22

Other services

0.23 0.24 0.19 0.03 0.47 0.11 0.26 0.33 0.29 0.28 -0.09 0.35 -0.08 0.39 0.38 0.30 0.20 0.13 0.12 22

23 Final consumption expenditures of

nonprofit institutions serving

households

0.07 0.01 0.10 0.20 -0.06 -0.06 0.33 -0.02 0.01 -0.12 -0.05 0.02 0.10 0.24 0.13 0.41 -0.54 0.03 0.03 23

24

Gross output of nonprofit institutions 0.28 0.12 0.20 0.34 0.27 0.45 0.22 0.32 0.03 -0.23 0.24 0.13 -0.03 0.57 0.45 0.07 0.19 0.14 0.02 24

25

Less: Receipts from sales of

goods and services by nonprofit

institutions

0.20 0.11 0.10 0.14 0.33 0.51 -0.11 0.34 0.02 -0.11 0.30 0.11 -0.13 0.33 0.32 -0.34 0.72 0.12 -0.01 25

26 Gross private domestic investment -0.23 0.75 0.87 -1.07 -0.26 -0.28 0.09 1.50 0.57 0.59 1.25 0.80 1.07 -0.30 2.27 0.53 1.09 -1.16 -0.27 26

27 Fixed investment

0.32 0.70 0.78 -0.38 0.43 0.44 0.62 0.33 1.27 0.48 0.25 1.45 0.94 0.89 0.13 0.46 0.56 -0.25 -0.22 27

28 Nonresidential

0.09 0.57 0.84 -0.61 -0.08 0.52 0.72 0.09 0.84 0.57 0.32 1.08 1.15 1.04 0.29 0.64 0.60 -0.14 -0.40 28

29

Structures

-0.16 0.14 0.12 -0.70 -0.35 0.27 0.50 0.07 0.21 0.06 -0.24 0.15 0.35 0.33 -0.07 -0.29 0.12 -0.36 -0.48 29

30

Equipment

-0.08 0.27 0.39 -0.31 -0.24 -0.14 0.02 0.02 0.36 0.50 0.36 0.72 0.39 0.20 0.17 0.42 0.00 0.05 -0.23 30

31

Information processing equipment 0.10 0.18 0.18 0.06 0.02 0.05 0.21 0.11 0.18 0.26 0.16 0.28 0.20 0.08 0.20 -0.04 0.17 0.13 -0.15 31

32

Industrial equipment

-0.01 0.07 0.05 0.03 -0.11 0.04 -0.02 0.07 0.08 0.14 0.06 0.09 0.07 -0.05 0.07 0.08 -0.04 0.02 0.08 32

33

Transportation equipment

-0.09 -0.08 0.09 -0.25 -0.10 -0.15 -0.19 -0.15 -0.07 -0.08 0.02 0.21 0.12 0.09 -0.07 0.29 -0.06 -0.14 -0.15 33

34

Other equipment

-0.07 0.10 0.07 -0.14 -0.06 -0.07 0.02 0.00 0.16 0.18 0.12 0.14 0.00 0.09 -0.03 0.10 -0.08 0.04 -0.01 34

35

Intellectual property products

0.33 0.16 0.32 0.39 0.52 0.39 0.20 0.00 0.27 0.01 0.21 0.20 0.41 0.51 0.18 0.51 0.48 0.17 0.30 35

36

Software

0.14 0.14 0.19 0.14 0.22 0.12 0.14 0.11 0.19 0.09 0.17 0.10 0.29 0.18 0.15 0.19 0.26 0.11 0.15 36

37

Research and development

0.18 0.01 0.12 0.24 0.29 0.27 0.03 -0.13 0.08 -0.08 0.04 0.07 0.10 0.30 0.01 0.29 0.21 0.06 0.13 37

38

Entertainment, literary, and

artistic originals

0.01 0.01 0.02 0.01 0.01 0.00 0.04 0.02 0.00 0.00 0.01 0.03 0.02 0.02 0.02 0.03 0.00 0.00 0.02 38

39 Residential

0.23 0.13 -0.06 0.23 0.50 -0.07 -0.10 0.24 0.43 -0.09 -0.08 0.37 -0.21 -0.15 -0.16 -0.18 -0.04 -0.11 0.18 39

40 Change in private inventories

-0.55 0.04 0.09 -0.68 -0.68 -0.72 -0.53 1.18 -0.70 0.11 1.00 -0.64 0.13 -1.20 2.14 0.07 0.53 -0.91 -0.05 40

41 Farm

-0.04 0.01 -0.02 0.03 -0.29 0.18 0.08 -0.12 0.04 0.01 -0.03 0.01 -0.03 -0.02 -0.06 -0.05 0.01 0.04 0.02 41

42 Nonfarm

-0.51 0.03 0.11 -0.72 -0.40 -0.90 -0.61 1.30 -0.74 0.10 1.03 -0.65 0.16 -1.18 2.20 0.12 0.52 -0.95 -0.07 42

43 Net exports of goods and services

-0.30 -0.28 -0.29 -0.20 -0.50 0.35 0.05 -1.36 0.13 -0.31 0.35 -0.80 0.00 0.67 -2.05 -0.35 0.73 -0.68 -0.08 43

44 Exports

0.00 0.41 0.37 -0.21 -0.38 0.45 0.71 -0.30 0.72 0.20 0.54 1.19 0.10 0.71 -0.78 0.18 0.49 -0.69 0.09 44

45 Goods

0.04 0.30 0.34 -0.35 0.05 0.20 0.54 -0.06 0.46 0.18 0.18 1.03 0.11 0.94 -0.78 0.21 0.36 -0.48 0.12 45

46 Services

-0.05 0.11 0.03 0.14 -0.43 0.25 0.17 -0.24 0.25 0.01 0.36 0.16 0.00 -0.23 0.00 -0.03 0.13 -0.21 -0.03 46

47 Imports

-0.30 -0.69 -0.66 0.01 -0.11 -0.10 -0.66 -1.06 -0.58 -0.51 -0.18 -1.99 -0.10 -0.04 -1.27 -0.53 0.23 0.01 -0.17 47

48 Goods

-0.18 -0.57 -0.61 0.10 0.03 -0.11 -0.42 -0.92 -0.48 -0.40 -0.10 -1.86 -0.18 -0.10 -1.11 -0.28 0.36 -0.02 -0.05 48

49 Services

-0.12 -0.12 -0.05 -0.10 -0.15 0.01 -0.24 -0.14 -0.10 -0.11 -0.08 -0.12 0.08 0.06 -0.16 -0.24 -0.13 0.02 -0.12 49

50 Government consumption

expenditures and gross investment 0.32 0.12 0.30 0.19 0.67 -0.12 0.31 0.19 -0.04 0.24 -0.02 0.42 0.33 0.44 0.36 -0.07 0.50 0.82 0.35 50

51 Federal

0.03 0.05 0.19 0.17 0.05 -0.18 0.13 0.04 -0.08 0.21 0.01 0.30 0.18 0.25 0.19 0.07 0.14 0.53 0.22 51

52 National defense

-0.02 0.03 0.13 0.11 -0.01 -0.21 0.13 -0.04 -0.07 0.25 -0.06 0.17 0.02 0.28 0.11 0.20 0.29 0.13 0.08 52

53

Consumption expenditures

-0.01 0.00 0.09 0.06 0.00 -0.13 0.16 -0.01 -0.13 0.15 -0.06 0.10 0.02 0.23 0.11 0.07 0.25 0.13 0.01 53

54

Gross investment

-0.01 0.03 0.04 0.05 -0.01 -0.07 -0.03 -0.02 0.06 0.10 0.00 0.07 0.00 0.05 0.01 0.12 0.04 -0.01 0.08 54

55 Nondefense

0.05 0.02 0.07 0.06 0.06 0.03 0.00 0.08 0.00 -0.04 0.07 0.13 0.16 -0.03 0.07 -0.12 -0.15 0.40 0.14 55

56

Consumption expenditures

0.04 0.01 0.06 0.06 0.04 0.01 -0.01 0.05 -0.02 -0.06 0.07 0.10 0.18 -0.03 0.05 -0.14 -0.16 0.36 0.12 56

57

Gross investment

0.01 0.02 0.00 0.00 0.02 0.02 0.01 0.02 0.02 0.01 0.00 0.03 -0.02 0.00 0.02 0.02 0.01 0.04 0.02 57

58 State and local

0.29 0.07 0.11 0.02 0.63 0.06 0.18 0.15 0.03 0.03 -0.02 0.12 0.15 0.19 0.17 -0.14 0.36 0.29 0.12 58

59 Consumption expenditures

0.23 0.07 0.08 0.24 0.25 0.18 0.22 0.06 0.01 0.04 0.07 0.07 0.08 0.10 0.14 0.06 0.10 0.07 0.15 59

60 Gross investment

0.06 0.00 0.02 -0.21 0.37 -0.12 -0.05 0.09 0.02 -0.01 -0.09 0.06 0.07 0.10 0.03 -0.20 0.26 0.23 -0.03 60

Source: U.S. Bureau of Economic Analysis

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